Banking innovation is something that is hard to perceive given the current state of finance companies. However, we’re starting to see some trends in this segment, find out what we’ve noticed.
1. Everything is personal
Everything is customized now-a-days, we now have a fully enabled digital customer platform where back office cloud and analytics can deliver real-time experiences through APIs anywhere, anytime. The example EFMA chose for this category is Idea Bank, Poland, who offer an entire financial ecosystem for their clients from cloud-based internet banking to an Uber-styled ATM.
2. 24, 7, 365
We’re starting to see that 24/7 banks are starting to make a statement. Cutting your options with a 9 to 5 bank is feeling like something of the past.
3. Talking transactions
Bored of existing methods of transferring money? Try Moven app! It offers you the option (similar to Google Maps for example) to talk in order to make a transaction!
4. Bank of Things
With Internet of Things making it clear that it’s coming, we might see a Bank of Things coming as well, based on Value Web.
5. Social Value Chain
Banks are starting to work together with the customers since they can and want to do some of the work. Banks are engaging customers in crowd sourcing ideas, with Widiba (Italy) as a great example.